Revolut v Monzo: Which is Better?
Revolut and Monzo are two of the most popular digital banking services in the UK. Both offer mobile-first banking, budgeting tools, and international spending features. However, they cater to different user needs.
- Revolut focuses on multi-currency accounts, global spending, and investment features like crypto and stocks.
- Monzo is a fully licensed UK digital bank, offering overdrafts, loans, and FSCS protection.
Let’s compare Revolut vs Monzo to determine which is better for you.
1. Key Differences: Revolut vs Monzo
| Feature | Revolut | Monzo |
|---|---|---|
| Banking License | No (E-money license) | Yes (Fully licensed UK bank) |
| FSCS Protection | No | Yes (Up to £85,000) |
| Account Types | Standard, Premium, Metal, Business, Junior | Personal, Joint, Business, Plus, Premium |
| Overdraft & Loans | No | Yes |
| Multi-Currency Support | Yes (30+ currencies) | No (Only GBP) |
| International Transfers | Yes (Interbank rates, fees apply after limits) | Limited to GBP payments & Monzo-to-Monzo |
| Crypto & Stock Trading | Yes (Crypto, Stocks, Commodities) | No |
| Cash Deposits | No | Yes (via PayPoint, £1 fee per deposit) |
| ATM Withdrawals | Free up to £200/month, then 2% fee | Free up to £400/month (Premium plan) |
| Spending Insights & Budgeting | Yes (AI-driven, multi-currency) | Yes (Better for UK-based users) |
| Card Fees | Free (Standard), paid for Premium & Metal | Free (Standard), paid for Plus & Premium |
| Physical Branches | No | No |
2. Features Breakdown
🔹 Banking & Security
- Monzo is a fully licensed UK bank, meaning your money is protected under the FSCS (Financial Services Compensation Scheme) up to £85,000.
- Revolut operates under an e-money license, meaning funds are stored in third-party banks and not FSCS protected.
🏆 Winner: Monzo (for banking security).
🔹 International Transactions & Multi-Currency Support
- Revolut allows you to hold, exchange, and spend in 30+ currencies with interbank exchange rates.
- Monzo only supports GBP accounts and has limited international payment options.
🏆 Winner: Revolut (for multi-currency support).
🔹 Overdraft & Loans
- Monzo offers overdrafts and personal loans with flexible repayment terms.
- Revolut does not offer overdrafts or loans in the UK.
🏆 Winner: Monzo (for credit options).
🔹 Crypto & Stock Trading
- Revolut allows you to trade cryptocurrency, stocks, and commodities (fees apply).
- Monzo does not support investments.
🏆 Winner: Revolut (for trading & investments).
🔹 Cash Deposits
- Monzo allows cash deposits via PayPoint (with a £1 fee per deposit).
- Revolut does not support cash deposits.
🏆 Winner: Monzo (for cash deposits).
🔹 ATM Withdrawals
- Revolut: Free withdrawals up to £200 per month, then a 2% fee.
- Monzo: Free withdrawals up to £400 per month on Premium, then 3% fee.
🏆 Winner: Monzo (higher withdrawal limits).
3. Fees & Pricing
| Feature | Revolut | Monzo |
|---|---|---|
| Account Fee | Free (Premium & Metal plans available) | Free (Plus & Premium available) |
| ATM Withdrawals | Free up to £200/month, then 2% fee | Free up to £400/month (Premium), then 3% fee |
| Foreign Exchange | Free up to £1,000/month, then 0.5% fee | Uses Mastercard rate, no extra fees |
| International Transfers | Fees apply outside limits | Limited (GBP transfers only) |
| Card Replacement | £5-£40 | Free |
🏆 Winner: Revolut (for international spending).
4. Which One Should You Choose?
| Choose Revolut if… | Choose Monzo if… |
|---|---|
| You travel frequently and need a multi-currency account | You want a fully licensed UK bank with FSCS protection |
| You trade crypto, stocks, or commodities | You need overdrafts, loans, or credit options |
| You make a lot of international payments | You deposit cash often |
| You prefer premium banking features (Metal, Premium) | You want free UK banking with no hidden fees |
5. Conclusion: Which is Better?
✔ For everyday banking in the UK → Monzo is the better choice because it’s a regulated bank, offers FSCS protection, overdrafts, and free banking.
✔ For international travelers & traders → Revolut is better due to multi-currency support, stock & crypto trading, and global transactions.
Overall Winner? ❌ No clear winner—it depends on your needs.
- If you want a safe UK bank with free banking, choose Monzo.
- If you want a fintech with global features, choose Revolut. 🚀